Assembly Bill 1 (Knox – 1968)
Chapter 88, Statutes of 1968 - AB 1
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The Corporations Securities Law of 1968 was enacted following legislative passage of Assembly Bill 1. (See Exhibit #1e) Assembly Bill 1 was introduced by Assembly member John T. Knox at the request of Corporations Commissioner, Robert H. Volk, for the purpose of totally revising California's Corporate Securities Law. (See Exhibits #1a; #5; and #6)
Assembly Bill 1 was heard in the Assembly Committee on Judiciary and the Assembly Committee on Ways and Means. (See Exhibit #2) On the Senate side, the measure was heard before the Senate Committee on Insurance and Financial Institutions and the Senate Committee on Finance. (See Exhibit #2) This bill was amended three time as it was reviewed by both Houses. (See Exhibits #1b through #1d) Assembly Bill 1 was approved by the Legislature on May 6, 1968, signed by Governor Ronald Reagan on May 9, 1968, and enacted as Chapter 88 of the Statutes of 1968. (See Exhibit #1e, #2, and #7, generally)
We enclose a draft of the proposed Securities Law which was prepared by the Department of Corporations prior to the proposal being introduced as Assembly Bill 1. (See Exhibit #10) We found another document that contains a similar summary after the bill had been approved. (See Exhibit #11) Both of these summaries contain specific references for each code section stating where the language was derived. It appears that the majority of the language came from the Federal Securities Act of 1933 and the Securities Exchange Act of 1934, although much of the language is derived from the Uniform Securities Act. (See Exhibit #10) In addition, some language derived from prior California law, and others were noted as being entirely new law, apparently drafted from scratch by the Corporations Commissioner.